Yashraj Biotechnology Limited made an offer to acquire 26% stake in Utkal Soap Products Limited for INR 1.7 million.
As of February 11, 2014, the offer would be subject to all statutory approvals that may become applicable at a later date. This Offer is not conditional on any minimum level of acceptance. Post Offer, Yashraj Biotechnology Limited proposes to, subject to compliance with the applicable provisions of the Companies Act, Listing Agreement with the Stock Exchange and other applicable Laws and Regulations, to venture into Biotechnology and related fields in Utkal Soap Products Limited. The committee of Independent Directors of the Board of Utkal Soap Products Limited will come out with their recommendations for the offer. The revised tender offer dates are from February 18, 2014, to March 5, 2014. The last date of communicating rejection/acceptance and payment of consideration for applications accepted/return of unaccepted share certificates/credit of unaccepted shares to demat account has been revised from March 21, 2014, to March 20, 2014.
R. Ramakrishnan of Fedex Securities Limited acted as financial advisor for Yashraj Biotechnology Limited. Ashok Sen of Niche Technologies Private Limited acted as registrar for Yashraj. Hasmukh B Dedhia of Khimji Kunverji & Co. acted as the accountant for Yashraj Biotechnology Limited. Trans Scan Securities Pvt. Ltd acted as depository bank for Utkal Soap Products Limited.